22 November 2023 - Today's Autumn Statement outlined the Chancellor's choices and decisions about the nation's finances. The UK Corporate Leaders Group has provided a rapid reaction to the contents of today's announcement.
Beverley Cornaby, Director of the UK Corporate Leaders Group, said: "Major fiscal events like the Autumn Statement are a chance for the government to demonstrate that its economic strategy has positive climate action at its core. Powering up the green transition can deliver significant benefits to drive the UK economy. However, today’s Statement was yet another missed opportunity from this government to set the tone and send the signals that the private sector is crying out for.
"The Chancellor took some positive steps such as full expensing of capital allowances that will spur on much-needed private sector investment. While tax cuts will be welcomed by business, as will specific measures to aid expansion of the electricity grid and invest in manufacturing including electric cars, they will not lead to the levels of green economic growth that we now urgently need. What is missing is the signal of intent that will foster a shift in private sector investment and a commitment of government leadership to tackle some of the tougher aspects of decarbonisation.
"Investment and a focus on the enablers of green economic growth would go a long way to delivering productivity gains that would benefit the wider economy and crucially help the UK to cut its carbon emissions. The UK government still needs to step up, and quickly, to take leadership in these areas."
